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Cloudy Skies in the Forecast: Accelerating Cloud Migration in a Pandemic

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30 September 2020
Bob Meara
Craig Focardi

Digital Panel Survey Series Part 10

Key research questions

  • What is the state of cloud migration among NA FIs? Has COVID-19 changed bank’s cloud strategy?
  • What are the primary motivators for cloud migration?
  • What are barriers to greater cloud migration?

Abstract

Cloud was a hot topic before COVID-19, but where and how are banks leveraging the cloud now, and what will the future hold? Celent offers a view of the current and future of cloud computing in banking in our tenth Digital Panel survey. The survey gauges bankers’ attitudes towards, perceived benefits of, and strategic approach towards cloud computing.

Cloud and Non-Cloud in a Typical Financial Institution

The survey fielded in September 2020 with 26 completed responses. Results suggest cloud migration is well underway and is, in fact, accelerating in the pandemic. Banks across the asset tiers are embracing cloud because of the growing importance of agility and technical resilience in their quest to continually improve the customer experience in an increasingly digital-first world.

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